GOLD reversing to the downside, support factors still remain
Last week, the international financial market received a lot of negative employment information and retail sales in the US and UK, causing the USD to continue to decline. Specifically, this morning the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - decreased by 0.07% to 103,850 points.
The USD fell so last weekend investors stepped up their gold purchases. In particular, the world's largest gold trust fund SPDR last week's session bought a net 12.98 tons of gold in the session on November 17 alone. Increased demand pushed world gold prices last week up to 36 USD/ounce, equivalent to about 2% compared to the previous week's closing session.
At the beginning of this week, the gold market was lacking economic information, so investors immediately took profits to recover capital and waited for more economic information.
The market is lacking economic information, but Russia continues to be subject to new sanctions packages, which could increase geopolitical tensions in Ukraine. This may be a factor supporting the gold market during this period.
The USD fell so last weekend investors stepped up their gold purchases. In particular, the world's largest gold trust fund SPDR last week's session bought a net 12.98 tons of gold in the session on November 17 alone. Increased demand pushed world gold prices last week up to 36 USD/ounce, equivalent to about 2% compared to the previous week's closing session.
At the beginning of this week, the gold market was lacking economic information, so investors immediately took profits to recover capital and waited for more economic information.
The market is lacking economic information, but Russia continues to be subject to new sanctions packages, which could increase geopolitical tensions in Ukraine. This may be a factor supporting the gold market during this period.
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